TRADE
STOCKS RISE AND FALL ON WALL STREET
New York, Mar. 20.
THE CHINA MAIL, THURSDAY, MARCH 21, 1957.
and
·VEHICLE
HITS
New York Mar. 20.
HE cutback in motor vehicle
THER
production, combined with higher labour and selling costs, were the major factors behind a Ave per cent decline in the United net profits of the States
Rubber Company during 1956, its annual report disclosed here,
Stocks turned down on late realising, after Net incons rising most of the session on substantially in- creased turnover.
With nothing really concrete to spur the ad- vance, meny leaders fell from the highs, some of them to net losses for the day.
Tin Council
Likely To Raise Floor Price
presided
London, Mar. 20, The fourth mouting of the International Tin Council open- ed in London this morning. The Chairman, M. Georges Per (France),
and here was full gathering of detentes, Apart from Ther delegates, those attending in an advisory capacity included Mr A. D.
The move left the industrial 473.93. average unchanged at rails off 02
$31,870,013,
WHO equivalent to $4.83 x share of common stock, compared with $33,050,494 or $5.14 a share in 1955, Mr H,E. Humphreys, Jr. Chairman of the Board, re ported. Sales for
142,65, point at utilities off .37 point at 70.98 and The 46 stocks general average c 19 at 107.10.
Turnover increased to 1,830,- week, most in a
000 shares,
from 1,540,000 on Tuesday.
Initial Rise
The initial rise was an exten sion of the rally touched off late on Tuesday by announcement ¦ of a cut in bunkers' acceptance with Its implication of rated
cuder Podble
money ahead. The more cheerful mood was fostered by hopes of Lax cut resulting from budget slushing but these were too nebulous to be coteldered seriously.
Metals were
the
amonk
Dawson, Deputy Controller of strongest performers, alls added
Quil
ارا
1.101 E
gher, 37 were 14 new highs
unchanged on the
export commodities 341 the point. Department of Commerce kh Industry of the Malayan Govern- traded, 503 wire ment, and Sir Douglas Waring, hower, 201 President of the Chamber of
There day. Mines, representing the mining set, tive new lows, the first time industry.
since January 24 the highs have exceeded lows for the day.
Chaumo
after
meeting.
N. Y. Stock Exchange bond volume was $3,080,000.
American Stock Exchange volume was 780,000 shares,
closing Dow-Jones
The meeting is expected to The delegates eird this week. were due to diebaye proposals for a higher (loor price for tin, as- H. cording to a
the statement by
the Council's
were: This refers to the price on the London Metal Exchange at which the Manager of the Bufter
Stock is com- pitel
to buy tin, and so keep the price up. This price is ni
last
per ton
The
£940 present market feeling is that this limit
is likely to be raised by
Council to #t least
China Mall Special.
31 industriais
20 Tertia
Ja
utilities
43 stocks 40 lususin
Comm. futuro pries index
averages
473 03
30.71
$901,200,194
1050 and
swere
totalled 2.0
per cent below the Company's
COMMERCE SECTION
PRODUCTION CUTBACK
RUBBER COMPANY
all-time record of $925,530,092 In 1955,
An increase in foreign business and a greater volume of anles in footwear, conveyor belta, --power transmission belting and other industrial products were more than offset by re- duced' galen of tyres, rubber, upholstery fabrics and other automotive products, Mr Humphreys sald.
Improvements
foam
Additions and improvements to plunt and equip- property, ment, amounted to $32,814,229 during the year. The Com-
AUSTRALIAN
SPLIT
Proposed Bank Reform Dispute
Canberra, Mar. 20.
pany's west coast foam rubber i plant was doubled in size. Production was also increased for rug "underiny, furniture cushioning,
gulf balls, con- veyor belts, hose and battery suparators. Automatic equipment
was in- stalled in ayre plants to re duce costs and improve quality. Production of fire hose was modomised
central research laboratories since 1948, were responsible for $100 milion in salos dining the year. Sales of Dominion Rubber Com- pany Limited, the company's Canadian subsidiary, reached a record high in 1954 Fund foreign business
other countries also increased. The company acquired
Page
NY COTTON MARKET FINISHES UP WITH
STEADY UNDERTONE
WORLD PRICES
Cotton futuras
control of North British Rubber Com- In Edinburgh pany Limited, ((Scotland) and started con- struction ơ two new plants to manufacture latex yarn and dactron the end
thread
through reported. antiated companicy in Eng- undertone.
tand and France. China Mail Special.
The company's new research centre, which will be the most modern in the industry, will be completed before of 1957.
it was Twenty-four now
products,
developed in the company's
New York, Mar, 20, moved irregularly throughout
ough most of today's session but finished with a steady
GOVERNMENT
BANKERS ACCEPTANCE DEALERS CUT RATES
New York, Mar. 20. Bankers acoeptance dealers Tato yesterday out their rates by one-quarter per cent in the Arsi reduction in the yield of the trade bilis in more than nine months.
Proposals for the reform of the Commonwealth Bank have caused deep differences of opinion between the two The Coalition Government parties here, the Liberal party, led by M Robert Menzies, the Prime Minister, and the Country Party, whose leader is Sir Arthur Fadden, the Federal Treasurer,
separate trading fune-
-The reforms would the central and tions of the Bank.
and
Liberal Ministers, including 142.65 Mr Menzies, favour, the reforms,
70.05 while Sir Arthur Fadden 107.19 the Country party oppose them,
Political observers here say that the situation is similar to that created by a suggestion for the revaluation of the Aus- tralian
Then, pound in 1831. they recall, the Country party Ministers threatened to resign and withdraw their support from the Government Mr Menzies persisted in his plans. Mr Menzies capitulated,
185.74
Closing Prices
the
£700.-
Allied Chemiçais
# 87%
Allied Mills ine.
American Cable & Hadio Corp.
American Cyanamide Co.
Ainer. & Forin, Power
15%
Am. Mach. & F"dry
304%
110
17728
US Industrial Show For Japan
A
New York, Mor, 20.
Amerlean firms group of ard sending Industrial displays to Japan
this month for the week-long conference
The peaceful uses of atomic energy in Tokyo brom May 13-1U.
The exhibit
will be
the
CMY
Am. Bugar Ref.
American Tel & Tel Baldwin-Laina-lain.
Beneficut Finance Bendix Aviation Corp. Bethichem Stori Boeing Airplane Barden (The) Co. Burroughs Aid Machine Canadian Preislo R. Care (3, 1) Co. Cut. Tractor
Cvinneso
Согр
IT. Financial Corp. Climax Molybdenum Colomblar Carhon Co Continental Oll of Del,
Dumond Alkali Dougian Aircraft staged | Dow Chemicala Shiruklyn Eastman Konk
El Phao National Gar
in Tokyo of Exhibit Hall from May 12-19 Firestone Tyre & Rubber and at the Sogo Exhibit Hall in Osaka from May 24-31. It is being sponsored by the atomic Industrial forums af the United States and Japan,
bo
At least 30 Americans from Industry, government, education and research activities wil speakers at the conference which will hold separate sessions In Osaka and Nagoya as well as in Tokyo,
The U.S. section of the exhibit will contre around a 30-square foot theme display and informa tion centre depleting the scope and potential of
entire the atomic industry-United Press,
BRITISH CAR
PRODUCTION
London, Mar. 20, United Kingdom car produc- tion in February rose to 47,840 from the January total of 41,598 units, but was substantially below the 08,581 cars produced ira February, 1950, according to the Board of Trade,
Cor exports, however, at 29,400 were up
General Motors Get Pub, Util Goodrich (B. F) Co. Heyden Newport Corp. Hoeslake Mining Cà. Inland Steel Co. Interchemical Corp. International Paper John-Annville Co,
Liggett Meyer Tob, Co. Lowenstein & Sons.
Aircraft MeDaneli
Stock Erge. Menalat Iron Corp. Monsanto Chemical Co. National Dalry Prod. National Steel Corp. New York Central On Mathieson .... often-liinois Glass Penny J. C. Co. Pers. Salt Co. Philip Murris Pubileker Industries
Pure 011
Shell O Co.
Baini Reg. Paper
Solar Aircrati
Southern Railway (Com,) ...
Western Union Tel. Co.
West Va. Pulp & Paper .......... Woolworth
Possible Effects
they
to
to
banks had heard no convincing reasons why the central bank in Australia should And It necessary to operate different lines.
1on
Other opponents of a change in the present banking system
legiala- are stressing that such tion would touch off a political fight from which the opposition Labour party could gain much.
Observers here do not expect the dispute to go so far as to cause a dissolution of Parlia ment-China Mail Special.
CHICAGO GRAIN MARKET
Most
If the present dispute,
Chicago, Mar. 20.
advanced ndd, became serious enough
grains cause the Country party the Board of Trade today withdraw from the Cabinet, Mr | active dealings,
be Menzies would forced dissolve both Chambers of Par-
support
to
move was made, dealerz sald today, because of excTĒS supply of short-term invest- ment funds as evidenom by the decline on March 18 at the United States Treasury lender when the rate for 21- day bills ensed to 3.041 per- cent, the lowest since hist November.
Dealers said demand for ac- ceptances had been in oxočár of supply for some time. Tals demand had caused the price
to
to rise and hence yields fall. They noted that atrablo Inflow
of foreign funds had
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)' Business done on the Hong
kang Stock Exchange amounted
approximately
on
In
10
Wheat futures were
up after
ол
contributed to the premure on the acceptance market, The latest igures issued by the New York Federal Reservo Bank showed bankers 10- veplaneta outstanding in the
United States decreased
but
Nearby deliveries from start, months, under
MOTO up new crop ProSSUTO for
most of the day, moved into the plus column_nor the close on commission house buying,
At the close, the list ruled unchanged to 11 points higher. The market opened four higher to one tower. Now Orleans closed one point higher.
Nearby May and July ad-
trade after the opening
INDUSTRIALS GAIN ON
LONDON MART
London, Mar, 20:
been
covering brought about by A late afternoon rumour that 4140-bale drop
in certificated the shipyard strike had cotton stocks to 20,298 bules. settled brought bargain hunters Scattered trade demand kept into the stock market todůy and these deliveries around their gave industrinis net gains of highs for the day. There also sixponce to a shilling.
વા
11ttdes Was a
transferring from Volume was the lowest since nearby to
May
but nothing July,
last November, of any significance,
Collon
from the 1958 ginned cotton crop amounted to 13,160,-
bules,
companed 13,007,798 bales prior to January
313
with
Ölls sebred modest gains, with shell up sixpence and Royal Dutch up 2.
British Governments Joined the late recovery and regained some of their early losses. War Loan closed unchanged, Others
seasonally by $19,328,000 i 16, according to the Bureau of February to the end of the Census. Ginnlag from the 1955 month total of $982,178,000, | crop totalled 14,542,000 bales. were still down by amounts This compared with a gain of Domestic cotton consumption ranging from £% to £4. $44,744,000 in January and a for the four weeks ended Foreign bonds were idle apart
$12,247,000 In March 2 totailed 095,000 bales, from activity in Greek
compared with 840,000 in the Baltle bonds-United Press.
gain
than at
the same time last year.
five-week
period, four weeks
February, 1986. Total noceptances outstanding preceeding
at the end of February was
and 760,000 in the $325,625,000 Larger
ended Feb. 25, 1958,
Dally rate of consumption for The principal decline In the latest period averaged 34,800 bales, against 33,600 and 88,000 February was in bills draw in the respective comparative
finance storage of
period There were increased Month in export bilis due to larger May shipments of oil, grains and July stock-China Mail Special. Oct.
ta up ootton,
WORLD RUBBER
MARKETS
London, Mar. 20.
Tho rubber market was much firmer with spot quoted at 28%
pence per üb. Prices No. 1 Hot
Volume 14,500
Open interest
354,000
andi
LONDON METAL MARKET
London, Mar, 20. The tin market was frm this afternoon with spot 4 points higher and three-month up 31⁄2 points.
Turnover was 60 tons. Lead, zinc and copper were
1.026,400 boles all steady. Prices all in sterling
per long ton were as follows:
Buyers Bellers
271
3
Cotton future closings, in
3-month
Tin spot
Copper spot
-monit
9,000
157,500
6,200
178,700
Dec.
0,450
153,300
Мат.
2,000
13200
May
2,000
17,000
July
1800
41,000
Total
€1,000
LIVERPOOL
pence per lb, were as follows:
Old contract
May/June
July/Aug. Oct/Nov Dec/Jan
25.83
Zine and ha
30.00
May/June 20. July/Aug 20.14
Oct/Nov.
Dec/Jan. 25.79 00.00
קליד...
TRUY 100 238
Mar/Apr. 20.07 Lead 2nd Half Mar. 109 20. Lead and half June 118/ 28.03 Zina 2nd half MAX.
New Contract Mar/Apr.
Egyptian Harnak Jan/Feb.
27T-2812
Settlement house term:
Apr.
28-28%
$870,000.
May June
20-2018
2716-2015
SAO PAULO
Cotton future closings, in cruzeiros per kilo were as fol-
Apr/June
20-201
the
lows:
July/Sept.
2734-2776
May
27.03
Del/Dec.
2752-2717
July
30.0
Oct
38.85
213% buyers 275-2724 271-271
.Dec.
30.70
General markets, elt baali, porte: Mar. Apr.
11000
50 935
May
Noon
quotations and morning's transactiona;
Shards Buyers Selines Raler BANKS liament. For, without Country a letup in March liquidation,jik Bank 1010 1000
INSURANCES the Government Old crop months showed the
130 would not have a majority in most strength
today's Union.
Lombard ... 3715 30 the House of Representatives. tradings
SHIPPING 30 Even with Country party
Wheelocks 6.70 1.BU 3000 # 0.70 port, it would still need the
100 100 134 support
the two anti- Communist Labour party mem- bers in the Senate, in order to pass any legislation.
13
40
00
101
30
of
sup-
some
Soybeans were about steady, There was
liquidation, and trade was generally small,
Wheat closed up
to 1% cants. Soybeans closed up % to 2% cents,
K Hotel
of
Wheat No. 2, red
DOCKS, ETC. K. Wharf.. Deck ...... Provident LAND, ETC.
XD HK Land X.ALL Humphreys Really
'Spol
2241-225 an
Mar. 123)(1) 2014(L)
RUBBER Amalg
May July Bept. Dea.
Corn, No 2, yellow.
Spot
447%
38
The dispute arose when the Federal Cabinet considered the
Blar. May July Bept.
Dec
Judging by the comment One of the two anti-Communist Labour party Senators, Senator 42% Frank McManus, who declared that. "the Federal Govern- ment should be wary 0%. the latest demand to cripple the 451% Commonwealth Bank," such E3 Support would appear doubtful.
3731
207
1 banking reforms suggested re- 401cently by representatives of the
trading banks. At a conference, bankers told Ryo
United Prese
not be linked with the Common Soybeans. No 2, yellow
Trum
EL 481⁄2 1100
13 13.40 2000 13,20
14 14.10 1000 14,15
301% 3079
1.39 1.40 2500 @ 137 10000 $ 1.37
142 ..... 1.62
UTILITIES Tram XD Star Ferry Youmail
C. Light Electric
Macao E..
Watson
143
50 1.00
21.00.10 135 130
100 100
22.00 27.90
30 1.60
700 69 107
20.70 30 1200 @ 30
0.80
291% 24.70 11600 de 24.50
Lane, Crew. 20.30 COTTONS
Толо
1600 + 24.50
300 332 1000 # 33%.
Estate crepe
thin starch unquoted April 20% thick April 31.
AMSTERDAM
The rubber market was firm. Prices dosed today in guilders per kilogram, cií April follows:
No. 1 rubber.
No. 2 rubber
No. 3 rubber
No. 1 crepe
2.08 paid 2.05 bald 2.67 bald 1.80 bald
United Press.
New York Sugar
Market
New York, Mar, 20.
futurca
World No. sugar
closed today one point higher to five points lower with sales
769 of_78 contracts.
Domestic No. 6 sugar futures
closed one to three painis lower
sales of 141 contracts.
In the US, the average spot price at 14 designated markets was 33.07 centa.
Sales at these markets totalled 10,720 bales-United Press.
LONDON SILVER
PRICES
London, Mar. 20.
062 DIA June
-United Pras8.
NEW YORK METAL
PRICES
New York, Mer. 20. Spot prices Tin--09:25 cents per lb. Antimony 33 cents per b. Tungsten-$4.00 per b Berylum-$40-$10 per tom Molybdenum-1.23 per ib.*** Manganese33.00 celta per b Aluminium-27.10 cents per ib. Copper-33 cents per ib, Lead-10 cents per lb. Nickel 74.00 cents per lb. Platinum-$250 per line sunce. Zune--14.00 cents per là
United Pres.
NAMESAKES
Answers-1 Civil, 2 Head, 3 Naseby, 4 War, 5 Royal, 0 Cavalier, 7 Troops, 8 Stuart, 9 The prico of silver Was Bush, 10 Rupert, 11 Strife, 12 quoted today at 79% pehce for King, 13 Parliament, 14 Marston, spot and 79% pence for for- | 15 Erecute.
Charles the First.
ward-United Press.
Α
NEW COMPANY ?
World futures extended yes From the word "GO"-
terday's quietness but
rallied
at the close and recovered most
of the loss on technical cover- ing. Trading in the
domestic
market was routine with prices
Telephone
INDUSTRIALS
rocent
Coment
33.75
South Puerto Rico Sugar
50
1
Mar.
1.20%
Ropa
Steep Rock (Toronto Exgo.)
1834
Menzies that
they consideredi
May
12.00 STORES, ETC.
with
Tide Water Amn. Oli
ન
Twenty Century Fox Film..
2441
that as the Central Bank guided
Osta
Dairy
US. Line Co.
3231
banking policy generally
and'
idar.
U.S. Rubber
was in a position to issue orders
May
73-74 701-16
XALL
10.30 1611
11.70 11.80
400 @ 10
1000
11,00
600
US. Steel
to the trading "banks, It should
11.00
500
28.30
44%
wealth Trading Bank, which is
Spot
Mar
Nanyang
4.70 8.20 4.30
3000 a 8.23
an
active competitor
with
May
1500 € 3.25
down slightly.
private banks..
July
Contract No. 4 (world)
Bopt
Allied
Nov.
H.K. & FE
Invest.
4.75 J
May
6.12
July
8.00-47
0.80
1000.00
September
6.00-00
Barley,
Spot
March
130-140
MAY
July
Spot (cenia per ib, Lob Cuba)
Open interest: 9,257 contrad Contract No, à (domesti
May
July
Beptember
November
ex-duty)
Singapore
Stock Market
Ord
20,147 units compared with British Borneo
Byndteste
17,860 in January and 28,927 in Consolidated Tin Smellers February last your and that of
Fraser & Neave Ltd. Dr. 1234 publie service vehicles 038 FIT & Neave 7% CUTI-
pref, against 712 in January and 972
Gemmane (Malaya) Kalisto
in February 1956-China Mall Hongkong & Shanghal Banking Special,
Ilongkong Tin 'Lid
Exchange Rates
/Businews was done in the local
vanofficist" "exchange
Steffice Hotel
Bingapore Cold Storage
Banks' Difficulties
The Chairman of the Austra- lian Bankers Association, Mr H. D. Williamson, sald in a statement issued after the co- forenco that most of the private trading banke difficulties are A result of the Chiller Barking
New York dopr
2001, sack
Untied Press.
WINNIPED PRICES
Winnipeg, Mar. 20. Prices of grain futures closed
both
Jamiary's 26,372 and
lest
February's 20,040.
Singapore, Mar. 21. Brokers today
the quoted following stock prices:
Opening Goods vehicle production was Datu Lintang Rubber Co. Ltd. 11.03 B2/-
Petroleum
33/-
Act of 1945, which was designed today in cents per bushel as to squeeze the trading bani follows: out of existerion by imposing Imposable controls on them,
Osta
May
$4.00
The private banks proposed
July
$130
Oct.
Corp
050
7/03
1. The establishment of a central bank entirely separated | Byo
Kempas Ltd.
$1,45
Leman tabber Existem Ltd. DUT
Malayan Xtreweries.
82.00
from any trading functions or netivities.
New Berandah Rubber""
Lid.
$2.40
Petaling Tin Lid,
market
South Britisty." AnsuraɔTION
2. The replacement of the special accounts provisions, of the Banking Act by a system of statutory remove deposita
Man
Oct,
Barley
Day July Oct
July
morning, at the following rateaza
$82.50
Un. dollar (per (1) sán
0.10
Starring nalew (pèr 24).
Kiraita gradiryg,
Biesmallp
Kakeralan Hotes, (per él) ***
121
Indonesian rupiah (per 100) ..
United Engineers, disk Werme. Drow.
ham Meal (per 100)
28.75
⚫eundly.
Blogapore (Strelta)
1.30 Specia),
INVESTMENTS
New York Foreign
Exchange
Now York, Mar. 20. Closing rates were: Canada
England ameist
30-00 DOWN
New Zealand South Africo Argentina****
Other word Pre
#1-04-11/10
Spot cents per lb. dit 'NY
misero 4.79 2.78-4/10 Open Interest: 4,203 contracts— 3.T-10/10 United Prem
2.7044
0207 unchangedUnited
London Foreign Exchange
London, Mar. 20. Closing TavH WORK
New York
Montreal
Amsterdam Brusels
Mr Williamson emphasised $19.00 | thatˆ, central banka "in" other countrien sooni 10. Dinätiön
Ma effectively without conducting-n trading section: and that privato
Flaxed
May
Copenhagen Stay
Lubon Oct.
Milan Cittadłamy Wivast export: No. 3, 1651) Vienna cente; No. 5,239]) centa. -- United | Zürich
•
2.78 18/10-3,19 2.0631-3.601 10.03)
NEW YORK COFFEE FUTURES
New York, Mar. 20: Santos "B" coffee futures to- day cipred 60 points higher to one mold lower with stics of
211 contracta
Trading in the spot market was diff (with prices unchanged. Prieca fon Souton "B" future posed today in centa, pen
pen th; as Follow
Sept.
United PreNE;
20.70
4
place your printing order where you are assured of personal attention, expert designing,
the finest materials and craftsmanship.
From Articles of Association, Share Certificates to Letter Headings and the many other essentiel items, consult the Printing Department of the South China Morning Post, Ltd.
Fall ju at any time. ind examine specimens
of quality printing which
we shall be proud to show you.
Morning Post Building Printing Rent
Wyndham Street, Telephone 200